2006-09-21 | Veolia Environnement announces clearance for Cleanaway UK acquisition
Veolia Environnement today announced that it has secured clearance from the EU Competition Authorities for its acquisition of Cleanaway UK from Brambles for a total cash consideration of £595 million (1) (€859 million) (2).
Completion of the purchase via its waste management division, Veolia Environmental Services, agreed on 30th June 2006, is now expected to take place on 28 September 2006.
The acquisition reinforces Veolia Environmental Services' position as a leading player in the UK waste management sector with the combined business having pro-forma 2006 revenues above £1.1 billion (€1.6 billion).
(1) Cash consideration and subject to adjustment for changes in debt in the Cleanaway UK group between signing and closing
(2) Assuming a 0.693£/€ exchange rate
Veolia Environmental Services, the waste management business of Veolia Environnement, is the only provider of a full range of services for hazardous and non-hazardous solid and liquid waste all over the world. The company provides waste management and logistics services (collection, pipe systems maintenance, cleaning, waste flow management), as well as materials recovery and recycling. Veolia Environmental Services generated revenue of €6.6 billion in 2005, representing 25% of Veolia Environnement's revenue. www.veolia-environmentalservices.com
Veolia Environnement (Paris Euronext: VIE and NYSE: VE) is world leader in environmental services. With more than 270,000 employees the company has operations all around the world and provides tailored solutions to meet the needs of municipal and industrial customers in four complementary segments: water management, waste management, energy management and passenger transportation. Veolia Environnement recorded revenue of €25.2 billion in 2005. www.veolia.com
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This press release contains "forward-looking statements" within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks described in the documents Veolia Environnement has filed with the U.S. Securities and Exchange Commission. Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by Veolia Environnement with the U.S. Securities and Exchange Commission from Veolia Environnement.
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